Term Insurance from India or Canada

[knowAndShare]

Hello,

I did some quick search on google but didn't find anything concrete. So raising my questions about Term Insurance here.
In brief 'Term Insurance' is a Life Insurance where for a small premium you get a big cover. In this type of insurance your nominee gets insured amount on your death only and if nothing bad happens to you till maturing of Insured period, then you get nothing. Basically a small annual premium amount to cover you and provide money to your nominee in case of your death.

My questions- Is 'Term Insurance' present in Canada as well? If yes, is it better to buy in India or from Canada?

 

[mgnlky]

I work for an insurance company in the US, so I cannot advise you of India/Canada policies, but I do caution you to read the fine print. In some cases, if a person takes out a policy in one country, but something happens and they die in another country, it is a hassle to get the company to paid out the death benefit. In some cases they do not pay out at all.

 

[knowAndShare]

Thanks for your comments mgnlky

Indian and other folks, has anyone given a thought to buying Term Insurance and have question similar to mine?

 

[melmathews]

Thanks for your comments mgnlky

Indian and other folks, has anyone given a thought to buying Term Insurance and have question similar to mine?

Hi, maybe this helps..http://www.policybazaar.com/life-insurance/term-insurance/articles/term-insurance-for-nri-in-india/

 

[knowAndShare]

Hi, maybe this helps..http://www.policybazaar.com/life-insurance/term-insurance/articles/term-insurance-for-nri-in-india/

Thanks melmathews but I would really like to know- Is there anything like Term Insurance in Canada, is it good or bad compared to Indian policies. What do Indians settled in Canada opt for - Indian policy or a canadian one?

 

[luvanuj]

I am in Canada. There are Term insurances in Canada as well.

https://www.sunlife.ca/ca/Insurance/Life+insurance/Term+life+insurance?vgnLocale=en_CA&sf=true

You can calculate the quotes here.

 

[jessyjose90]

You can easily get the Term Insurance Plans from India at pnbmetlife.com

 

[DEEPCUR]

If you are taking term insurance from India, make sure they cover for the event happening outside India. As far as I know, icici covers nri people. Where you want to take depends upon where you wish to settle.

 

[knowAndShare]

Thanks for your input guys! But let me clarify my question here--
Did anyone do any research to find out what would be better - buying term plan from India or from Canada ?
I know that most of the India term plans covers one worldwide and I also believe the premium cost of buying from India will be cheaper for same cover bought from Canada but I don't have a definite answers.
Also would buying an Indian plan lead to any difficulties when one is in Canada or abroad and need for claim arises.

 

[dexternmn]

As far as I understand, you will get the cover even abroad. Its just there is a clause in every term agreement that when you are travelling or moving, just let insurer know about your plans clearly, so that it will be official communication and they will know before hand. The basic principle of insurance says covering unexpected losses, and as far as death is concerned unless its planned by the insured its unexpected and not related to place, time etc etc.

 

[tsdhaliwal]

Thanks for your input guys! But let me clarify my question here--
Did anyone do any research to find out what would be better - buying term plan from India or from Canada ?
I know that most of the India term plans covers one worldwide and I also believe the premium cost of buying from India will be cheaper for same cover bought from Canada but I don't have a definite answers.
Also would buying an Indian plan lead to any difficulties when one is in Canada or abroad and need for claim arises.

Anyone has an answer to this? Should we buy from india or from canada?

 

[sandipbasak]

If you are taking term insurance then you are thinking it to cover long term at least 30-40 years , now if you consider the forex trend , 1cad = 61 inr in 2023 which can even cross 100 inr in next 30 years , if you are thinking to pass the payout to beneficiaries in future , if the convert the payout in inr to cad in future , it will be significantly reduced , on the contrary if the payout is in cad , it will be significantly increased in future if beneficiary converts to inr